Samsung agreed to purchase a four percent share of the stock of Chinese electric car BYD.
The South Korean company Samsung Electronics may buy a stake in Chinese electric car manufacturer BYD Co..
It is noted that Samsung is trying to strengthen its business for the production of microchips for cars.
In Samsung said that the talks are ongoing. At the moment they can’t give an exact amount of investment and amount of shares of the company BYD, one of the investors which is the company Berkshire Hathaway billionaire Warren Buffett.
In turn, local newspaper Korea Economic Daily reported that Samsung agreed to purchase a four percent stake in BYD worth 3 billion yuan ($449 million).
Recall that in 2015 China became the largest market for electric vehicles in the world. In the first half of 2016 sales of electric vehicles in the country grew more than in 2 times – up to 170 thousand.
